Financial emergencies can occur when you least expect them, leading to stress and uncertainty. This is the reason you need to have access to an emergency fund at all times. And in case you face financial emergencies and lack the necessary funds, online loan apps can be your reliable lifeline.
Usually, these loan apps serve as all-inclusive lending platforms. They help save your time and effort by ensuring a seamless online process for obtaining a loan. You can apply for a loan through these apps to meet any expense or financial requirement, including addressing a health emergency, paying bills, covering vacation costs, buying equipment, etc.
This article will cover the necessary steps to use an online loan app to help you make informed decisions.
Let’s dive in!
Steps to Apply for a Personal Loan Using an Online Loan App
The steps to apply for a Personal Loan online can vary from one loan app to another. However, the overall process generally involves the following steps:
Step 1: Download the Online Loan App
Open the Play Store and download the loan app of a reliable lender. Install the app on your mobile.
Step 2: Choose the Loan Amount
Enter the amount you would like to borrow. You should assess your requirement and borrow only the required amount.
Step 3: Enter Your Personal Details
Enter all the essential details as required, such as your name, purpose of taking the loan, income, PAN, identity proof, etc.
Step 4: Compete Your KYC Process
Enter the required details to complete the KYC process, such as your Aadhaar number, PAN, etc.
Step 5: Enter Your Bank Details
Input the details of your bank account. This is where your loan amount will be disbursed.
Step 6: Complete Any Remaining Formalities
Check if you have to provide any other details and enter them.
Step 7: Upload the Required Documents
Scan and upload all the documents needed for the loan.
Step 8: Submit the Loan Application
Complete the process by submitting your Personal Loan online application.
Things to Check When Applying for a Personal Loan Online
You need to consider certain things when applying for an online Personal Loan. These include the following:
Check your credit score to ensure you are eligible for the loan.
Check the eligibility criteria thoroughly to make sure you fulfil them.
Be mindful of the interest rate and repayment terms of the loan.
Check if the loan has any other additional charges.
Avoid applying for an amount higher than your requirement, even though you may be eligible.
Gather and scan all the required documents for the loan. Keep them ready for uploading.
Calculate the EMI and the loan tenure using an online Personal Loan calculator.
Applying for a Personal Loan online to access emergency funds is straightforward. However, selecting a reliable lender when applying for a loan is essential- this requires a lot of research. If you need a Personal Loan with low-interest rates, consider one of the reliable NBFCs like Hero FinCorp. They have a straightforward loan process and transparent terms and conditions to help responsible borrowers get the required funding without hassles.